I am well aware of the Hope Credit, but the wording under the Hope Credit says that it can be used for tuition and related expenses. Can anyone help me out on this matter, I'm trying to use every tax break I can here. Any suggestion on if this is Ok, and if there is anything else I may use?
2006-12-18 07:43:37 · 13 answers · asked by Andy 3 in Business & Finance ➔ Taxes ➔ United States
No
2006-12-18 07:45:32 · answer #1 · answered by Jo 2 · 0⤊ 0⤋
The Hope Credit and the Lifetime Learning Credit are available for a given percentage of the tuition and required fees that you pay to an eligible college or university. This includes the actual tuition plus any fees that you must pay to actually attend the college and are not optional. Examples of fees are lab fees, building fees, and non-optional activity fees. The cost of books, supplies, transportation, room & board, and so on are not available for these credits, even if they are required for taking the courses.
2006-12-18 08:02:36 · answer #2 · answered by Bryan 2 · 3⤊ 0⤋
You will not be able to use the textbooks toward the hope tax credit. This is only for tuition and this must be verified with the college/university which will provide you a tax statement to file with your taxes.
Best thing to do is go to turbotax.com if you make under like 30k they will let you use their software and efile for free. It will ask you questions and help you identify which expenses you can use as deductions.
2006-12-18 07:47:38 · answer #3 · answered by Christopher McGregor 3 · 1⤊ 0⤋
No, not unless the course is required to keep the job you have.
Perhaps you are wording your question wrong. Write-offs are a very specific term in business. So are deductions.
You'll have to read the instructions if you can use them toward the Hope Credit. Personally I doubt it.
2006-12-18 07:45:50 · answer #4 · answered by Radagast97 6 · 0⤊ 1⤋
If the payment is made directly to the institution, then yes, like if the cost of the book is part of the tuition cost. If the payment is made to the school book store or to somewhere else, then no.
2006-12-19 04:27:59 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
It sounds like you may want to consult with a professional, as there are different answers here. I did (use my books as a tax credit) - and I use a tax person.
2006-12-18 07:52:09 · answer #6 · answered by susie 3 · 0⤊ 1⤋
Books are actually an eligible fee for the eduction credit it yet purely for books required by using the classification. extra books which you purchase that are no longer require do no longer qualify.
2016-10-18 11:06:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yup! you can use anything you interest rate on yo student loan you book you tuition. also just so you know you can also use you Doctors (paid) bills hospital. Just save all the payments!
Hope this helped you out!
2006-12-18 07:47:38 · answer #8 · answered by kim806 3 · 0⤊ 3⤋
you can definately write it off somehow, just maybe not under the Hope Credit
*maybe drop an email to your financial aid office or maybe a prof who teaches accounting!
2006-12-19 10:12:59 · answer #9 · answered by Anonymous · 0⤊ 2⤋
No. Only student loan interest is tax deductible
2006-12-18 07:45:29 · answer #10 · answered by RDEEMD 2 · 0⤊ 2⤋
Yes you can. Books, tuition, supplies all of it is tax deductible.
2006-12-18 07:54:20 · answer #11 · answered by lynk_lady 1 · 0⤊ 4⤋